Live Course on Drafting of Appeal and Reply of Penalty Notice by CA Sachin Sinha. Register Now!!

Peer Review requirements

Prerana (C.A.) (31 Points)

25 May 2009

Could someone pls. provide guidance regarding when a C.A. firm is selected for Peer Review audit, what are the requirements the C.A. firm should fulfil & keep ready for verification by the Peer Review auditors ? Is there any draft checklist or questionnaire which could help us in checking if all files & office documents are ready & in order which are going to be checked ? Urgent reply required.

Reply
Follow
Share

12 Replies

Vinod Kashyap (XBRL Training) (451 Points)
Replied 25 May 2009

There is a Questionaire & Check List for Peer Review. I can mail it to you. Please give your email address.

Vinod

1 Like

Prerana (C.A.) (31 Points)
Replied 25 May 2009

Thank you. You may email it to me on :

shah.prerana @ gmail.com

CA Manish K Dhoot (CA, B. Com, NCFM, CPCM) (5015 Points)
Replied 25 May 2009

peer review is conducted by the panel of auditors

the firm which is selected for peer review will received an intimation and the wuestionnaire .

The peer reviewer will check the compliances like Independene, maintenance of professional skill and standards, conclusions, staff selections and supervision nd office admn.

Also reviewer will verify records and internal control system of that firm

Prerana (C.A.) (31 Points)
Replied 02 June 2009

Thank you Manish. Does anyone have a questionnaire which they have received from the peer reviewer ? Would like to go through it for better understanding of what we are required to comply with & see if anything is still pending & yet to be done from our end as a PU (practicing unit).

CA Manish K Dhoot (CA, B. Com, NCFM, CPCM) (5015 Points)
Replied 02 June 2009

The peer review will be done by a reviewer which is selected by PU .

the questionnaire will be send by that reviewer nd PU will copmlete that questionnaire and send it to peer review board.

Prerana (C.A.) (31 Points)
Replied 05 June 2009

Ok members. Thank you for your assistance. I have spoken to the Secretary of the Peer Review Board Committee in Delhi who has been very helpful with her guidance & got the necessary clarifications. Moreover, I found some useful information from the www.icai.org website with reference to Peer Review. Anyone looking for details about Peer Review, I strongly recommend checking our C.A.Institute's website : www.icai.org